Sabre announced financial results for the quarter ended March 31, 2019.
Q1 2019 Financial Summary
Sabre consolidated first quarter revenue increased 6.2% to $1,049.4 million, compared to $988.4 million in the year ago period.
First quarter operating income was $110.4 million, a decrease of 33.2% from $165.4 million in the first quarter of 2018. The decline in first quarter operating income was driven by the increased technology operating expenses, as well as Travel Network incentive expense growth and acquisition-related costs, partially offset by solid revenue growth.
Net income attributable to common stockholders totaled $56.9 million, a decrease of 35.3% from $87.9 million in the first quarter of 2018.
First quarter Free Cash Flow totaled $114.1 million, a decrease of 12.5% from $130.5 million in the first quarter of 2018.
Travel Network
• Travel Network revenue increased 7.3% to $774.0 million.
• Global bookings increased 2.7% in the quarter, supported by an increase of 6.0% in North America and 0.3% in Asia-Pacific. Bookings declined 1.3% in EMEA and 3.5% in Latin America.
• Global air bookings share increased 140 basis points to 38.3%.
• Operating income decreased 8.6% to $192.6 million, and operating income margin was 24.9%.
Airline Solutions
• Airline Solutions revenue increased 3.1% to $212.9 million.
• Airline passengers boarded increased 6.6% in the quarter.
• Operating income decreased 49.8% to $15.4 million, and operating margin was 7.2%.
Hospitality Solutions
• Hospitality Solutions revenue increased 6.9% to $72.8 million, primarily driven by growth in central reservation system transactions.
• Central reservation system transactions increased 35.7% to 23.0 million.
• Operating loss was $5.7 million, versus income of $2.1 million in the year-ago period.
Business Outlook
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